股权结构与公司绩效:度量方法和内生性  

Ownership Structure and Corporate Performance: Measures and Endogenity

作　　者：曹廷求[1] 杨秀丽[1] 孙宇光[1] 

机构地区：[1]山东大学经济学院金融系,邮政编码250100

出　　处：《经济研究》2007年第10期126-137,共12页Economic Research Journal

基　　金：国家自然科学基金重点项目(70532001);国家自然科学基金项目(70672098);山东大学985项目"产业经济理论与政策研究"的部分研究成果

摘　　要：本文采用2004—2006年三年共3217个样本数据,比较了中间所有权和终极所有权两种所有权计量方法下,股权结构的不同特征、终极控制人的不同性质和级别及其对公司绩效影响的可能差异,并在此基础上进行了内生性检验。研究表明,无论是采用中间所有权还是终极所有权,股权结构集中度都与公司绩效呈左低右高的u型曲线;省级政府和地市级政府控股对公司绩效产生了显著的负向影响。本文的实证结果支持了股权结构的内生性假设。In this paper, we analyzed the differences between two methods of ownership structure direct ownership structure and ultimate ownership structure, compared the different characteristics of the ownership structure and the different types and levels of ultimate owners, and tested the endogenous of ownership structure by using the data of 3217 listed companies in 2004 to 2006. The studies have suggested that, no matter adopting the direct ownership or the ultimate ownership, the relationship between ownership concentration and corporate performance is reflected as a left-low-and-right-hlgh U curve; province and local government ownership has obvious negative effects on corporate performance; the conclusions of our analysis have confirmed the endogenity hypothesis of the ownership structure.

关 键 词：中间所有权 终极所有权 内生性假设 公司治理 

分 类 号：F276.6[经济管理—企业管理]